The Sologenic Development Foundation has announced the creation of “Coreum,” an unique Layer-1 Blockchain that will address several of the shortcomings of prevailing Blockchain networks while also providing coders with the framework they need to build decentralized applications ranging from asset tokenizations, banking, and money transfers to DeFi, Metaverse, and gaming, among other things.
Coreum is an open-source initiative that has no Initial Coin Offerings (ICOs), and it is developed to be 100% community-oriented. This allows this innovation to promote comprehensive future growth in the Decentralized Applications (dApps) and Decentralized Financial Institutions (DeFi) domain across the entire blockchain environment.
The initial wave of CORE token airdrop allocation, targeted for the Sologenic community and SOLO holders, is set for February 2022, with the initial screenshot to be captured at a random moment between December 24th and December 31st, 2021, and the second phase planned for February 2022.
While several sophisticated Blockchain networks are presently utilizing the Ethereum Virtual Machine to handle smart contracts, Coreum takes advantage of the advanced turing-complete Web Assembly (WASM) platform to handle smart contracts coded in an array of diverse languages and then compiled into WASM before being processed. Cross-Chain Compatibility will be provided by Coreum via the implementation of bridge features, which will enable various cryptocurrencies to stream into Coreum’s Ecosystem through the securitized encapsulation.
This feature is supported by integrated components that allow for a completely decentralized exchange with Synthetic Order Book capabilities to be implemented. With respect to performance, Coreum is unmatched, with a block time of 1.5 seconds and the potential to handle 7000 transactions per second, among other features. A consistent fee model is also used in Coreum’s Blockchain, which allows for exceptionally low transaction fees irrespective of block size or network usage level, allowing the Blockchain to remain sustainable and optimum under both high and light load while nodes are constantly being compensated.
A dynamic percentage of fees earned per block will be utilized to fund validator rewards and the refilling of the rewards stream. The rest of the money will be burnt on the network, resulting in a deflationary environment in Coreum’s ecosystem.
When the infrastructure is active and transaction volume is large, validators get a portion of the processing fees as a kind of direct compensation. The incentivization for minimal traffic hours is provided via a reward pool that is specifically intended for minimal traffic period. During periods of high demand, this pool will indeed be overflowing with surplus transaction fees.
Aside from that, Coreum’s native capability for the on-chain distribution of any fungible or non-fungible token elevates asset creation and disbursement to a whole new level. Additionally, when it comes to tightly regulated financial markets like as stocks and ETFs, this built-in capability enables issuers to personalize their tokenized assets by including additional features such as wallet whitelisting, burning, and staking. People that are enthusiastic about building a friction-less future by changing the way individuals develop and utilize decentralized apps have joined the Coreum community. They are already making a difference in the world.
Several influential people in the blockchain domain, including Bob Ras and Reza Bashash, co-founders of Sologenic, Carl Hua, current Chief Architect at Celsius, former Head of DeFi Engineering at Ripple and JPL NASA Engineer, and Michael Zochowski, current VP at Valon and former Head of RippleX Product, have joined Coreum as advisors and chiefs in the project. The “Sologenic Development Foundation,” often known as the SOLO Core group, is an autonomous group of developers dedicated to the advancement of the Sologenic Ecosystem. It is made of of coders who are proactively engaged in the development of many open-source initiatives and application cases centered on the SOLO.
